Product Risk Framework
Information Technology & Services - Chicago, Illinois, United States
Product Risk Framework Employees
Product Risk Framework Senior Management
Product Risk Framework Details
The Product Risk Framework is a business intelligence risk management software tool for product developers. It works by enabling product teams to identify, evaluate and prioritize the most significant sources of uncertainty and risk associated with a product idea. It employs a variety of behavioral economics approaches to root out uncertainties and risks, including a risk framework, reference class forecasting, and nudges. Also, the Product Risk Framework monitors the reduction of product uncertainty and risk throughout the entire product development process, from idea through launch. Risk profile ‘snapshots' easily communicate progress in reducing a product's risk and allow risk evaluation of the entire product portfolio.CoFounders, Mary and Kathy, implemented early generations of the Product Risk Framework with several clients, each time improving and fine-tuning the tool. Early iterations showed the value of the tool, as well as, the need to make it an easy to use software tool with additional functionality. They prototyped several approaches.The Product Risk Framework is a recipient of an NSF STEM I-Corp Grant, and it enabled an expanded reach into the product development community to study commercial feasibility. Through interviews with more than 100 product development professionals, the grant-funded research facilitated the identification of existing product development solutions and minimum viable product (MVP) input that was instrumental in informing the design and development of the Product Risk Framework.
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